{quote} So you look at the larger TF for the key obstacles to a potential trades progress and if ok trade it from say an M15 TF otherwise reject it. A logical approach to take. In any case a 4/8 MML on a D1 MML grid is reason enough to be very cautious. Masterrmind............
{quote} Yes, its a difficult time to be looking at the Gbp with Brexit and interest rise issues but I think the Daily as to be the reference then trade/scalp the Octave that you fancy, on my 15min charts I reproduce the levels by hand and just colour the lines to match the main Daily Octave so I always see the big picture Here are 2 I have on the radar {image} {image} {image} {image}
We have now arrived at a interesting point with the Gbp/Usd New Octave acceptance or rejection by means of the Murrey baby 2/8ths rule ? {image}
{quote} You looking for a long setup or a short setup ? How many octives of risk for your SL placement ? On my M15 [64;60 MML] price currently sits right on top of the +1/8 MML so my preference would be firstly to look for a short setup especially on the back of the USD favorable data that has hit the market recently. Nevertheless, M15 shorter term setups with the Brexit news here and there can swing price right through your well placed stop. Exercise caution I suppose is the order of the day. Masterrmind.........
{quote} Scalp wise I favour Short but I also have 6 gbp pairs all with the same set up on so I am watching them all for added clues
{quote} Funny you mention that I just took a few pips scalp out of short on GBPCHF. Masterrmind...........
Ha, you will be a decent trader when you get the hang of it then, that's just blown my price on you if the bookies see that , quite mind blowing shows what can be done, Just so sad that this thread cannot get going when a guy like yourself is willing to show the way, going to have a cup of tea and have a look at the horse's now after all I am not even in your school never mind the same class, but hey I am trying
{quote} As you are aware I am a bit limited with all this computer stuff find everything hard work so I have to make it easy for my eyes to see, brain not so good now days, the only thing I agree with my wife is that I cannot multi task so I stick mostly to the Gbp but now I have (you know what up and running) feel a little more confidant to look at other pairs, just have the one niggle about the so called correct Octave size ? when I compare the 2/3 platforms
For new traders wishing to connect to myfxbook or Trade Explorer (TE) you may find the following information useful: myfxbook Go to https://www.myfxbook.com/ and read all the information and then open an account on the right side and follow all instructions. Trade Explorer (TE) Go to your profile page and click on the link "Create Trade Explorer" {image} https://www.forexfactory.com/tradeexplorer.php Have a go at it first by yourselves and then if you are having difficulties please post your questions here and I will help you....
Example of setting the octive gap for the EURUSD pair in the London Session 1. Determine the trading range for EU over the past 20 London sessions. Slight variations will occur due to slightly different ranges provided by different brokers data. London session trading range = 56 pips (or close to that figure). The ADR (64 days) = 84 pips (note that this is the total range in both directions from the daily open price both up and down). 2. Reward to risk (assumed) = 2 to 1 3. Expected TP pips = 50% to 70% of Session average pip range = 50% of 56 pips...
{quote} UJ Octive Gap for London session Over 20 previous London sessions it works out to average 50.4 pips = 50 pips. A 2 to 1 reward to risk ratio leads to expected TP 50% to 70% of 25 to 35 pips and an octive range of 12.5 pips to 17.5 pips or 13 to 18 pips. MML Indicator using P=64 and MMP=60 gives an octive gap of 19.5 pips. Is 19.5 pips within the range 13 pips to 18 pips ? No! But is it close enough ? I would argue that yes it is since it is just 1.5 pips too wide. If a trader wishes to 'fine tune' the MML settings and get an octive gap that...
